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BITCOIN: CRYPTOCURRENCIES COLLAPSE AHEAD OF FED, BITCOIN GIVES UP MORE THAN 50% SINCE RECORD HIGH Monday, January 24th, 2022 at 11:44am Bitcoin and new cryptocurrencies collapse ahead of the Fed (BFM Bourse) – Boosted before the beginning of the health crisis by central bank grant flowing in, crypto-currencies are hardship the full force of the prospect of a forthcoming normalization of the Fed’s monetary policy. Bitcoin is now dropping
more than 50% since its all-time high last November. While equity markets are starting the year off upon the wrong foot in the perspective of fears of a faster-than-expected monetary tightening by the Fed, their downturn remains no question moderate compared to the ongoing correction in the cryptocurrency market. The Nasdaq is very in correction territory (-12.9% since its late November high at Friday’s close) for the first period since March 2020, but the S&P (-8.3%) is not there yet, and the CAC 40 even less so.
On the additional side, on the cryptocurrency market, the terminate is of a unconditionally different magnitude. After dropping nearly 10% on Friday, the price of bitcoin has still significantly swayed higher than the weekend, including giving up greater than 4% additional Saturday to fall to a low since last summer. Over the later week, bitcoin has dropped greater than 11% while ethereum, the second most essential cryptocurrency, has fallen 17%.
And the wreck continues this Monday hours of daylight for the two cryptocurrency market benchmarks. Shortly after 11:15 a.m., bitcoin is next to another 7.2% to $33,670 next ethereum flounders 10.8%
Wind of panic The fall is now taking upon spectacular proportions, as bitcoin has dropped 51% since its historic top in into the future November at nearly $69,000 per unit. Ethereum is falling in the same.
In the wake of the two broadcast benchmarks, the price of whatever the major crypto-currencies is collapsing – BNB (the token developed by Binance), Cardano and Solana are the length of 29%, 36% and 42% respectively exceeding the last 7 days.
Investors are nevertheless worried and are clearly panicking on the eve of the Fed’s further monetary policy committee meeting, as rumors are rife about a practicable tighter monetary policy than initially expected. In an try to curb historically tall inflation, the central bank could opt for a more rude strategy gone a first rate hike as in advance as March, some investors fear. After two years of uncontrolled fee of its tab sheet, which fueled the present rebound and the crypto-currency boom, the prospect of a future tapering off in its explanation sheet is generating a rasping increase in risk hypersensitivity among traders.